Denver-based Sitio Royalties and Austin-based Brigham Minerals said Sept. 6 they will combine in an all-stock merger with an aggregate enterprise value of about $4.8 billion. The combination brings together two of the largest public companies in the oil and gas mineral and royalty sector with complementary high-quality assets in Permian Basin and other oil-focused regions, including Eagle Ford.
The combine will have 259,510 net royalty acres with Q2 net production of 32,800 boed and 50.3 net line-of-sight wells operated by a diverse set of E&P companies.
Sitio shareholders will receive 54 percent of the combined company. It will be led by Sitio’s management team and retain the Sitio name. Chris Conoscenti, CEO of Sitio, said, “Our combined company will be the largest publicly traded mineral and royalty company in the U.S. by enterprise value that is focused on consolidation across a diverse set of operators and geographies.”